How much house can one afford?

[Rakin]

Originally Posted by Big_Hitter

probably best to ask a loan officer?:

Originally Posted by N.Boundndown

What's the cv19 situation up there in the HO? I heard some of it is being lifted on the 30th. My wife and I are planning to drive up on Friday the 1st to have a look at some real estate.

Before you look, talk to a Loan Officer then use your good old common sense on what you want to spend.

At least then you'll know the Max you qualify for. You don't want to look at $350k homes when you can only afford $300k houses.

Then use your common sense and buy something you like below your max.

A good RE Agent will want you to do this before you look. No use getting excited over something you can't afford.

[Bamaman1]

My thoughts are that a house payment (including taxes and insurance) plus the car payments shouldn't exceed 50% of their take home pay.

Pensions are nice, but a $72K pension is rare these days unless it's governmental. And the day of reckoning is fast approaching in places like California, Illinois, Kentucky and Illinois/Chicago. Most people have 401k/IRA withdrawals, and a substantial gross balance would be required to purchase a "dream house."

We purchased our dream house while we had two incomes and carried it forward into retirement paid for.

[N.Boundndown]

Thanks, bamaman. Not a gov't pension and yes, outside of gov't they are rare. It's a building trade pension. And, out of all the building trades, mine(sheet metal) kicks ass in the pension dept. That's what kept me in it all these years.